Sharp Market Rebound Since Mid-March Drives Billionaire Wealth Gains
India’s richest industrialists have witnessed a significant surge in wealth over the past six weeks, driven by a broad-based equity rally triggered by renewed foreign portfolio inflows and easing global trade tensions. Mukesh Ambani, chairman of Reliance Industries Ltd (RIL), has reclaimed his spot in the $100 billion wealth club, leading a string of gains among Indian billionaires. From a March low of around $81 billion, Ambani’s net worth has jumped by nearly $20 billion, as per Bloomberg data analyzed by Moneycontrol. The bounce was underpinned by a 25% recovery in RIL shares and a 29% surge in Jio Financial Services, helping Ambani regain global prominence among the top 16 wealthiest individuals. Still, his current valuation remains 20% below his all-time high of $120.8 billion, reached on July 8, 2024.
Highlights:
Mukesh Ambani’s net worth rose by nearly $20 billion to cross $100 billion again.
RIL and Jio Financial Services stocks surged 25% and 29% from recent lows.
Ambani is now among the top 16 richest globally, though 20% below his July 2024 peak.
Adani Closes in on $80 Billion Mark, Yet Far from Peak
Gautam Adani, chairman of the Adani Group, emerged as another major gainer during this period, adding more than $14.5 billion to his wealth, pushing his total net worth to $77.5 billion. Despite this meaningful recovery, Adani remains 57% below his record high of $120.8 billion, recorded on June 3, 2024. The correction in Adani stocks earlier in the year had significantly dented investor sentiment, but recent stabilization and selective value-buying by institutional investors have helped bolster confidence.
Highlights:
Gautam Adani’s net worth rose to $77.5 billion after a $14.5 billion gain.
Still 57% below his June 2024 peak of $120.8 billion.
Adani stocks have seen a steady recovery following earlier volatility.
Pharma and Telecom Tycoons See Strong Recoveries
Two other notable gainers in this phase include Dilip Shanghvi, the promoter of Sun Pharmaceutical Industries, and Sunil Mittal, chairman of Bharti Airtel. Shanghvi’s net worth climbed to $28.8 billion, up by over $4.9 billion from March lows, leaving him just 10% shy of his record valuation. Meanwhile, Sunil Mittal’s wealth reached $27.4 billion, nearly touching his September 2024 peak, now just 1% short. Both companies benefited from consistent earnings growth and bullish investor outlook in their respective sectors, further fueled by improving global sentiment.
Highlights:
Dilip Shanghvi’s wealth rose by $4.9 billion to $28.8 billion (10% below peak).
Sunil Mittal added $4.9 billion, reaching $27.4 billion (just 1% off record high).
Gains fueled by sector resilience and earnings growth.
Wealth Gains Also Noted in Retail, Steel, Tech, and Banking Sectors
Radhakishan Damani, founder of Avenue Supermarts (DMart), Savitri Jindal, India’s wealthiest woman and chairperson of the OP Jindal Group, and Shiv Nadar, founder of HCL Technologies, also recorded strong net worth increases. Damani added $4.8 billion, Jindal gained $4.6 billion, and Nadar grew his wealth by $4.5 billion, bringing their total net worths to $31.7 billion, $36.4 billion, and $22.8 billion, respectively. While Damani remains 27% below his record high, Jindal is 16% short, and Nadar is 18% off his peak valuation.
Highlights:
Damani: $31.7 billion (+$4.8 billion), still 27% below peak.
Savitri Jindal: $36.4 billion (+$4.6 billion), 16% off record.
Shiv Nadar: $22.8 billion (+$4.5 billion), 18% below all-time high.
Lakshmi Mittal, Uday Kotak Hit Record Highs
Lakshmi Mittal, chairman of global steel giant ArcelorMittal, and Uday Kotak, former managing director of Kotak Mahindra Bank, have not only recovered earlier losses but now stand at record net worths. Mittal’s net worth has reached $22.8 billion, up $3.7 billion from his January 2025 low, while Kotak is now valued at $16.6 billion, having gained $3.1 billion from his previous trough. Both individuals benefited from strong corporate performance and rising investor confidence in cyclical and financial sectors.
Highlights:
Lakshmi Mittal: New record at $22.8 billion (+$3.7 billion from January low).
Uday Kotak: Record $16.6 billion (+$3.1 billion from January low).
Corporate strength and sectoral tailwinds contributed to the gains.
Airline and Auto Tycoons Approach All-Time Highs
Founders of InterGlobe Aviation (IndiGo), Rakesh Gangwal and Rahul Bhatia, are back near record territory, with net worths at approximately $7.1 billion. Their resurgence aligns with the sharp rise in aviation sector profitability and passenger demand. Similarly, Vikram Lal, the former CEO of Eicher Motors, has touched a new record high, aided by strong two-wheeler sales and a premium valuation for Royal Enfield. Murali Divi, founder of Divi’s Laboratories, is now just 4% shy of his peak net worth logged in December 2024.
Highlights:
IndiGo co-founders Gangwal and Bhatia near record net worths (~$7.1 billion).
Vikram Lal hits new record on Eicher Motors rally.
Murali Divi just 4% below December 2024 peak.
Pockets of Underperformance Persist Among Real Estate and Pharma Billionaires
Despite the broader recovery, several Indian billionaires continue to lag significantly below their peak valuations. Pankaj Patel of Zydus Lifesciences and KP Singh of DLF are both 45% below their record highs, last seen in August 2024 and April 2024, respectively. Cyrus Poonawalla, chairman of the Serum Institute of India, is down 27%, while Mangal Prabhat Lodha of Macrotech Developers and Nusli Wadia of Britannia Industries are each about 22% below their highest net worths. These underperformances highlight continued challenges in sectors like real estate, consumer goods, and select pharmaceuticals.
Highlights:
Pankaj Patel (Zydus) and KP Singh (DLF) down 45% from 2024 highs.
Cyrus Poonawalla off 27% from peak.
Lodha and Wadia around 22% below record net worths.
